Surfer Technologies, an operational creditor, had filed a section 9 application under the Insolvency and Bankruptcy Code on February 7. This initiated the corporate insolvency resolution process against Byju’s. The NCLT bench led by Justices K Biswal and Manoj Kumar Dubey directed Byju’s to deposit the cost, stating that its response would be considered only after the payment. The tribunal also posted the matter for further hearing on May 1. PSA Legal Counsellors represented Surfer Technologies, while MZM Legal LLP represented Byju’s. Byju’s has faced multiple legal challenges recently, with the Board of Control for Cricket in India (BCCI) and Teleperformance Marketing also approaching the NCLT to recover unpaid dues. Last week, Byju’s requested a week’s extension from the tribunal to settle its dues with Teleperformance. The hearing on that matter has been scheduled for next week. Byju’s had recently received approval for an increase in its authorized share capital through a postal ballot and an extraordinary general meeting (EGM) held on March 29. The move was intended to address the company’s liquidity crunch and settle outstanding payments to employees, vendors, and regulators.
NCLT Levies Cost on Byju’s for Delay in Filing Reply in Insolvency Case
